Robinhood Markets Inc. is under investigation by the Securities and Exchange Commission and Financial Industry Regulatory Authority over compliance with recordkeeping requirements, including employees' use of "off-channel communications." The SEC is also examining whether the brokerage adhered to trade reporting rules related to securities lending and fractional share trading. Last year, regulators reached settlements with major banks over unauthorized messaging app use by employees. Shares for the financial services company have declined by more than 75 percent since the firm's initial public offering in 2021.